Hanoi’s office market impacted by rising tide of companies leaving

The fact that companies are withdrawing from the market in droves or facing financial pressure took a toll on the office space market in Hanoi in the first half of this year, according to experts from real estate consultancy Savills Vietnam. The office market in the city also witnessed changes in terms of rent and occupancy. Moreover, a host of companies experienced financial woes, significantly affecting office occupancy rates in the capital city. Hoang Nguyet Minh, senior director for commercial leasing at Savills Hanoi, pointed out two reasons behind the falling occupancy in the office market. The office market is expected to see major transactions associated with consulting, finance, and law companies during the rest of the year.